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Nov 29, 2012
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we're not going to cut the benefits involved this medicare because the savings in medicare is involved in the affordable care act. the president already has that there. the savings there should be on the board. >> when we talk about cuts in entitlements, then, sir, where are we talking about makes further cuts? >> well, i don't know who's talking about -- are you talking about cuts in entitlements, but you aren't talking about cuts in providing health care. you talk about perhaps it could be with the providers. but you're not talking about the benefits on the side of this. i don't know, and nobody has explained to me, what role does insurance companies play in getting a sick person well? i mean, the money that you pay into them, i think that we're going to take a look at insurance companies. also in pharmaceuticals. there are big savings that could be negotiated. >> do you understand that, bill? i'm not sure i follow you. so we've got $16 trillion debt. we've got a deficit every year of $1 trillion or more -- >> i'm saying the savings are in pharmaceuticals. >> where are the cuts? >> w
we're not going to cut the benefits involved this medicare because the savings in medicare is involved in the affordable care act. the president already has that there. the savings there should be on the board. >> when we talk about cuts in entitlements, then, sir, where are we talking about makes further cuts? >> well, i don't know who's talking about -- are you talking about cuts in entitlements, but you aren't talking about cuts in providing health care. you talk about perhaps it...
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Dec 4, 2012
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we spend $7 trillion in the next ten years in medicare, five in medicaid. we spend $4 trillion in the next ten years. these are not in the ballpark. we need serious entitlement reforms. >> i think jimmy, if anything the republicans should be much tougher on spending. i think that's the leverage that they have. but i'll go back to you jimmy. i do not believe that president obama wants a second recession in his second term. and with the cbo breathing down his neck with 9% unemployment, i mean this is from hennessey's he ti tor trial. the fact of the matter is the economic states here could be devastating and do i not believe that the president is going to risk that and that's why i think ultimately there is going deal. jimmy p., what do you think? >> my only problem with that theory is that i keep -- for all four years i keep waiting for that kind of rationality to emerge. i kept waiting all summer. boy he's going to end up grabbing simpson-bowles at some point. he never did it. i think betting on the president to move to the center and seeing that kind of ec
we spend $7 trillion in the next ten years in medicare, five in medicaid. we spend $4 trillion in the next ten years. these are not in the ballpark. we need serious entitlement reforms. >> i think jimmy, if anything the republicans should be much tougher on spending. i think that's the leverage that they have. but i'll go back to you jimmy. i do not believe that president obama wants a second recession in his second term. and with the cbo breathing down his neck with 9% unemployment, i...
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Dec 5, 2012
12/12
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medicare is at the center of it when it comes to the budget. we're going to have to do as much as possible to get on top of the fact that health care costs squeezing out the rest of the budget. that's true through the whole system, and we're going to have to fix the way that entitlement program works. in terms of what this means for the country, the whole issue here is are we going to leave the economy strong enough for the next generation? that's what this comes down to. what we're going now, we're making these short-term choices. we've been make them for years. we're spending more than we're willing to pay for, and we're basically saying to the next generation, here's the bill. and it's going to just undermine the strength of the economy. i should point out, we're not borrowing that to invest. we're borrowing that to consume. so as important as it is to avoid the fiscal cliff, what we really need to do is take this opportunity to put in place a big debt deal and also rethink the way that we do budgeting in this country to strengthen the econo
medicare is at the center of it when it comes to the budget. we're going to have to do as much as possible to get on top of the fact that health care costs squeezing out the rest of the budget. that's true through the whole system, and we're going to have to fix the way that entitlement program works. in terms of what this means for the country, the whole issue here is are we going to leave the economy strong enough for the next generation? that's what this comes down to. what we're going now,...
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Nov 29, 2012
11/12
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let me drill down one more time on medicare and medicaid. what specific changes to save money or slow the growth of spending in medicare could you endorse right now? would it be raising the age for full eligibility? would it be increasing co-pays? would it be doing something about the end of life expenditures which now consume 25% of medicare's expenditures, go to the 5% of individuals who are in their last year of life. >> the latter part of what you just said is something that we should be looking at. remember, we were scared off the subject two years ago, tyler, looking at the end of life expenses. and that turned into panels that were going to decide who lives and dies which was totally ridiculous. there's nothing in the health care act which even comes close to that. but that is an area i would accept. i do not accept -- if we had to vote tomorrow, i would not vote raising the age. >> why not? americans' life expectancies are so much longer than they were in 1965 when medicare was begun. >> because then you create another problem. you c
let me drill down one more time on medicare and medicaid. what specific changes to save money or slow the growth of spending in medicare could you endorse right now? would it be raising the age for full eligibility? would it be increasing co-pays? would it be doing something about the end of life expenditures which now consume 25% of medicare's expenditures, go to the 5% of individuals who are in their last year of life. >> the latter part of what you just said is something that we should...
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Nov 30, 2012
11/12
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did he talk about putting the knife to medicare and some of these entitlements, or was it all defense or what? where do the cuts come from in spending? >> it was not terribly specific on spending, but i think what he said certainly would suggest that it comprehends entitlement reform. just under categories of spend. as everybody's known it, it's hard to find the dollars without going after entitlements. i think there's a sense in the white house in the democratic party, it wouldn't be surprising, that it's really important both party's fingerprints are on entitlement reform so the other doesn't have the ability to take cheap shots and say we had nothing to do with that. i'm hopeful, but again i'm not a politician, and i'm not in these rooms. i'm hopeful we've got a dance playing out in public and in private we have folks negotiatinegotiate ing something much more balanced. >> you wrote in "the huffington post" that politics aside, you felt there could be a resolution on all this. but can we get past the politics right now, do you think? >> well, i think that requires these folks to ac
did he talk about putting the knife to medicare and some of these entitlements, or was it all defense or what? where do the cuts come from in spending? >> it was not terribly specific on spending, but i think what he said certainly would suggest that it comprehends entitlement reform. just under categories of spend. as everybody's known it, it's hard to find the dollars without going after entitlements. i think there's a sense in the white house in the democratic party, it wouldn't be...
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Dec 5, 2012
12/12
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medicaid and medicare are much bigger problems. we can raise it or also increase the tax on people who make over $106,000. >> listen be, coffee lovers. try not to choke on that peppermint mocha latte. we'll tell you about that new $450 starbucks gift card, entirely made of steel. someone down here said it probably should be made of gold given that price. would you ever consider giving that as a gift or buying something like that? >> i've paid up for premium services, v.i.p. tickets at conferences -- concerts. there's a market for v.i.p. services. remember the platinum card? 10 or 12 years ago, platinum card wasn't good enough for the world. american express introduced the black card. that was the thing to have. you needed a high net worth. that thing is still out there. there is always a market for these kinds of services. >> but in this economy, a $450 gift card. >> i bad a bunch paid a stupid f money to see the rolling stones. my wife laughed at me but i love the rolling stones so i'm willing to pay a bunch. fine. >> my thing wit
medicaid and medicare are much bigger problems. we can raise it or also increase the tax on people who make over $106,000. >> listen be, coffee lovers. try not to choke on that peppermint mocha latte. we'll tell you about that new $450 starbucks gift card, entirely made of steel. someone down here said it probably should be made of gold given that price. would you ever consider giving that as a gift or buying something like that? >> i've paid up for premium services, v.i.p. tickets...
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Nov 29, 2012
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so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it could save you thousands in out-of-pocket costs. call now to request your free decision guide. i've been with my doctor for 12 years. now i know i'll be able to stick with him. you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and you never need a referral. see why millions of people have already enrolled in the only medicare supplement insurance plans endorsed by aarp. don't wait. call now. >>> jim's mad dash is focusing on retailing. >> i think we should focus on johnson & johnson who's going higher. reiterating the sale. they're going to have to preannounce again, this is the pc in death rattle mode, it's the pr
so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it could save you thousands in out-of-pocket costs. call now to request your...
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Dec 6, 2012
12/12
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non-defense spending and come down to the least acceptable thing for everybody involved is reducing medicare spending. you want to know how to fix the fiscal cliff? you have to raise taxes on those 250 above and cap deductions and a cap in deductions on everybody loon looks to be marginally acceptable. we'll have a chance to talk about that chart later but i hear you have some interesting guests on this issue coming up. >> we're talking about that chart and will catch you up later. also the joint economic committee will hold a hearing on the fiscal cliff. can congress come up with a compromise before the looming deadline? senator robert casey and jec vice chairman tom brady joins us from texas. thank you for being here. you have a lot of things happening behind the scenes. senator casey, i know you have said what we're watching is a lot of drama and probably taking our eye off the ball in terms of what's happening. can you tell us if there's progress being made behind the scenes? >> i think there's a little bit too much attention paid to the back and forth every day. there's still a long way
non-defense spending and come down to the least acceptable thing for everybody involved is reducing medicare spending. you want to know how to fix the fiscal cliff? you have to raise taxes on those 250 above and cap deductions and a cap in deductions on everybody loon looks to be marginally acceptable. we'll have a chance to talk about that chart later but i hear you have some interesting guests on this issue coming up. >> we're talking about that chart and will catch you up later. also...
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Dec 5, 2012
12/12
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do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the last two years. or whenever it was. >> but in terms of where we are now in this negotiation, i believe that both sides in the final analysis want a deal and the compromise is in the revenue side for the president and potentially rates which i think he's serious on and real entitlement reform for the republicans and the american people, markets, business, confidence, the able to move forward in 2013 is all a function of doing both of the things you talk about, joe. having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be
do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the last two years. or whenever it was. >> but in terms of where we are now in this negotiation, i believe that both sides in...
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Dec 6, 2012
12/12
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if we want to truly save medicare and social security, we've got to do something about it. that's what republicans have been proposing all along. we want to solve a problem once and for all. and that's why we haven't waited -- it's interesting that we're just now talking about it. but back in july, we passed legislation that would freeze the rates, deal with sequestration, make the cuts that needed to take place in spend sog we wouldn't be at this dilemma in december at this time. the president was on the campaign trail then. we thought he'd get off the campaign trail now and stop politics and start focusing on policy. >> can i ask you one last one quickly. the original across the board spending cut for sequestration was i believe $1.2 trillion. >> yes. >> in the republican proposal, you all seemed to have $200 billion as some kind of substitute. what's going to happen to the other trillion dollars in spending cuts that people expected? >> well, we believe you take care of it right now for a couple years. we're looking to not just solve this problem overall. we want to have
if we want to truly save medicare and social security, we've got to do something about it. that's what republicans have been proposing all along. we want to solve a problem once and for all. and that's why we haven't waited -- it's interesting that we're just now talking about it. but back in july, we passed legislation that would freeze the rates, deal with sequestration, make the cuts that needed to take place in spend sog we wouldn't be at this dilemma in december at this time. the president...
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Nov 30, 2012
11/12
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so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it could save you thousands in out-of-pocket costs. call now to request your free decision guide. i've been with my doctor for 12 years. now i know i'll be able to stick with him. you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and you never need a referral. see why millions of people have already enrolled in the only medicare supplement insurance plans endorsed by aarp. don't wait. call now. >>> welcome back to "squawk box." hang out for this. a venture capitalist who is behind such success stories as klout it is a content revolution is just beginning. john frankel, founder of ff venture capital, joins us now. good
so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it could save you thousands in out-of-pocket costs. call now to request your...
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Dec 3, 2012
12/12
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the sink guegle biggest driver medicare. so if we don't make those tough decisions now, all we've done is a european style kick the can down the road and, you know, it's tough to cut entitlements and it's tough to cap deductions. austerity doesn't have to look like just taxing your way out of it. if you want to not work, you just tax your way out of it. >> i think we have to remember that this is politics and not economics going on here. that's the most important thing i think people have to remember. and we know we want more revenue and cut spending. that's why we have the problem to begin with. you have to accept that issue. le politicians aren't willing to accept that issue yet. both are at extremes. if you accept they're both at exseee extre extremes, how did we raise revenue. because the politics, not because of economics, they will not raise marginal rates. >> although we have heard some people say they would go along with that. >> i agree. the center is actually saying that. but i think -- so if the democrats know tha
the sink guegle biggest driver medicare. so if we don't make those tough decisions now, all we've done is a european style kick the can down the road and, you know, it's tough to cut entitlements and it's tough to cap deductions. austerity doesn't have to look like just taxing your way out of it. if you want to not work, you just tax your way out of it. >> i think we have to remember that this is politics and not economics going on here. that's the most important thing i think people have...
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Nov 29, 2012
11/12
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we've got to change medicare. it goes broke in ten years. >> let's say you get -- let's say the republicans have said we're open to raising revenue, however you do. it. maybe you go over 500 or 37 or do it with closing the loophole. how do you build into that short term agreement to guarantee you to do something with spending and entitlement? >> well, you're talking about raising tax rates. i don't know of in republicans who want to do that, but we think we can find revenues that. >> that's going to be in the final deal, like 500,000 and above. 37, 38%. that's what we're hearing now. >> chuck schumer believes it ought to be a million dollars or above, and warren buffett, you know, has indicated that it should be higher himself. one thing they're not doing it is working obstructial tax entitlement reforms. >> senator hatch you have signed grover norquist's pledge not to raise taxes but what i'm maring you say is you would find ways to raise revenue if you can get your -- a solution on the other side that would othe
we've got to change medicare. it goes broke in ten years. >> let's say you get -- let's say the republicans have said we're open to raising revenue, however you do. it. maybe you go over 500 or 37 or do it with closing the loophole. how do you build into that short term agreement to guarantee you to do something with spending and entitlement? >> well, you're talking about raising tax rates. i don't know of in republicans who want to do that, but we think we can find revenues that....
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Dec 7, 2012
12/12
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the amount of present value of unfunded future medicare, medicaid, and government pension liabilities is $87 trillion. that $87 trillion is greater than the net worth of the $63 trillion net worth of the united states. that number grew by $7 trillion. any accountant would have to say the u.s. is not a going concern. these debts are being hidden, not being reported. and i don't understand why. >> well, charles, you always get me thinking. maybe i don't agree with everything you say, but today i think i pretty much agree with a lot of it. thank you for being our guest. carl, back to you. >> all right. rick, thanks so much. in a job market that seems to be stabilizing, there are industries that still can't find the workers they need. we're highlighting two of those industries and finding out why businesses are so desperate to hire right after the break. ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop
the amount of present value of unfunded future medicare, medicaid, and government pension liabilities is $87 trillion. that $87 trillion is greater than the net worth of the $63 trillion net worth of the united states. that number grew by $7 trillion. any accountant would have to say the u.s. is not a going concern. these debts are being hidden, not being reported. and i don't understand why. >> well, charles, you always get me thinking. maybe i don't agree with everything you say, but...